Opportunity delays Ambipar’s bid to suspend Chapter 11
Opportunity secured a two-week delay in Ambipar Emergency Response’s effort to suspend its U.S. Chapter 11, with the bankruptcy judge allowing 14 additional days for evidence, according to Veja’s Radar Econômico. The court also left open Opportunity’s requests concerning cash movements, related-party transactions and asset sales. The extension keeps the U.S. case active while Ambipar seeks to concentrate its restructuring in Brazil; under the reported calendar, the U.S. court would decide the Chapter 11’s future between the two calls of the Brazilian creditors’ meeting.
The discovery dispute reaches beyond scheduling. The court’s earlier Rule 2004 discovery order required AER to produce financial statements, budgets, bank-account schedules and statements, intercompany ledgers, asset-transfer records, forensic-accounting materials and potential asset-sale documents within seven days, including relevant postpetition records. Although that order excluded issues relating solely to suspension or recognition of the Brazilian proceeding, it preserved separate discovery on those contested motions. Opportunity has not prevailed on the merits, but the added evidence window prevents immediate suspension and keeps both the U.S. forum and the financial-transparency dispute alive during a critical stage of the Brazilian process.